Bad investment and lavish spending are just two of the many reasons Hollywood celebrities file for bankruptcies. According to the lawyers at Karine Karadjian bankruptcy law office in Van Nuys, bankruptcy is common to those with more money. The reason for this is that they have a lot of expenses to deal with and they have several things to keep up with.
If you are on the verge of filing for bankruptcy, you might want to talk to an expert lawyer first. Your situation might still be resolved without filing for bankruptcy.
However, if the only solution to your financial problem is indeed filing, then you can save yourself a lot of worry if you work with an expert bankruptcy lawyer.
Life After Bankruptcy
One of the questions of many individuals who are about to file for bankruptcy is, “What’s life like after bankruptcy?” The truth is that bankruptcy can be a fresh start.
Case in point, Walt Disney. After his investor went broke, he also went bankrupt. But, that was before he built the global brand — Disney.
His first animation studio, Laugh-O-Gram Studio, was the one that went down. It was surely a failed business venture. But after filing, he rose and went on to build billions in assets.
So, yes, there’s life after bankruptcy but you need to work with a financial adviser to help you out. Remember though that Walt Disney didn’t file for bankruptcy without a lawyer. He hired attorneys to assist him for proper filing.
Learn How to Protect Your Personal Assets with the Help of a Bankruptcy Law Office in Van Nuys
President Donald Trump filed for Chapter 11 bankruptcy not just once but four times. After filing, he was still financially viable. There are many reasons for this, but one of the most important is that he worked with the top-rated bankruptcy lawyers in the US.
Since he worked with expert lawyers, he managed to get out of debt while he protected his personal assets.
What Can a Lawyer Do?
Indeed, celebrities have the money to hire the best bankruptcy lawyers in the country. While you may not be a celebrity or a millionaire, you can still get a top-rated lawyer to work with your case.
When filing for bankruptcy, there are several options you need to pick. And you must choose the right one.
By hiring a lawyer, they can help you decide whether to file a Chapter 7 or Chapter 13. Each of these options has its own pros and cons.
Your lawyer will help you weigh the advantages and disadvantages to pick the right option.
Furthermore, your lawyer will represent you. Bankruptcy law is complicated. Making one mistake will mean a delay in the overall process.
If you hire a lawyer, he can make sure that everything is filed correctly. That way, you can get through the entire process quickly so you can get out of debt faster.